Asian markets have been mixed after OPEC members extended their production cuts at their Vienna meeting. They will do so only for nine more months, instead of the expected twelve.
Asian markets have been divided between rises and falls in Friday’s session, following resolutions taken at the OPEC meeting in Vienna.
The production cut of 1.8 million barrels a day, previously reached in November last year, will now extend until March 2018. It is trying to recover prices that have fallen more than half in recent years.
Oil, however, fell by almost 5% as many investors expected further expansion in output cuts.
Gold has remained stable, after falling slightly at the beginning of the Asian session on Friday. Traders seem to be somewhat disappointed with OPEC’s decisions.
European markets are expected to open mixed session on Friday.
AGREEMENT ON PETROLEUM PRODUCTION
Oil is down 4%, despite OPEC’s decision to extend production cuts. He does it only for nine months, instead of the expected twelve. This fact has caused strong and unexpected drops in the markets.
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